Tampa Dynasty Trusts Attorney
Estate planning is an important part of preparing for your and your family’s future. By carefully planning your estate, you can provide for loved ones long after your death. Many Tampa residents can accomplish just that by creating a trust. You can place your assets into trust for your family’s future benefit. There are numerous types of trusts, and each can provide unique financial benefits to you and your beneficiaries. State and federal laws applicable to your trust can be extremely complex. If you are considering creating a trust, contact an experienced estate planning lawyer like David Toback and explore your options.
Why Should I Choose a Dynasty Trust?
As the name suggests, a dynasty trust can help you financially provide for many future generations. Unlike other types of trust, you can use a dynasty trust to provide for your children, grandchildren, great-grandchildren, and so on. This kind of trust helps you preserve family wealth, which can be especially helpful in difficult economic times. If you have a very large estate, creating a dynasty can not only provide for future generations of your family, but also can protect you from serious tax consequences. Some states place a limit on how long your descendants can benefit from the trust. Florida law allows trusts to survive for 360 years. This means that your trust can benefit an almost unending number of your beneficiaries.
Are There Tax Benefits?
A dynasty trust is an irrevocable trust, meaning it cannot be modified and the grantor (you) has no ownership interest in the trust assets. What does this mean for you? Since you no longer own the assets given to the trust, they are effectively removed from your estate. Such assets will not be included in your estate tax. So, by placing substantial assets in a dynasty trust, you can see a significant discount in your estate tax bill. As a matter of fact, your beneficiaries will not be required to pay an estate tax as long as the trust survives. Since Florida law allows trusts to survive for 360 years, your estate tax could be almost permanently delayed.
Under the supervision of a wise trustee, your dynasty trust could possibly grow substantially. Of course, these increased assets will be taxable under federal income tax laws. However, your dynasty trust can be structured so that you pay such income taxes, rather than letting payment be taken from the trust itself. Ultimately, this can provide more money for your loved ones.
Contact Tampa Estate Lawyer for Help
David Toback, Attorney at Law, understands the impact a trust can have on your family’s future. For over 17 years, he has used his extensive tax and estate planning knowledge towards creative financial solutions for Tampa residents. It is important to hire a lawyer who stays on top of the ever-changing federal tax laws. These laws can place a major burden on you and your loved ones. David Toback will utilize his legal knowledge and experience to your benefit. He will work closely with, prioritizing your legal needs and financial goals. If you live in the Greater Tampa area, contact David Toback today for reliable estate planning help.